Structuring a deal for Short Term Rental

[Carl N.]

I am looking at purchasing a property that would be used as an STR. If I were to take on investors and I or they wanted access to the property for personal use how does one build that into the deal structure. I would be the majority investor 51-75%.

For instance:

Do investors get access to the property at a flat discounted rate no matter the season

Do they get no access and pay only rack rate

Do they get limited access based on their investment level where the only access is last minute when it hasn't been booked yet? 

[Jon Troxell]

@Carl N. I have a STR and myself and my partner both use it. Works well for us. Our agreement looks like this;

1. No use during the busy season.

2. Each person picks a week and a weekend at the beginning of the year they want to use it.

3. Still pay to have it cleaned afterwards. 

4. If it's not booked, can use other times if okayed by other partner. Still have to pay to have it cleaned.